The Cuomo administration is giving $200,000 in tax breaks to a Massachusetts company that helps large banks and insurance companies outsource their technology operations — typically using workers in India and Sri Lanka.

The company, called Virtusa Corp., was promised the subsidy in exchange for opening a 10,000-square-foot office at 400 Jordan Road in the Rensselaer Technology Park in North Greenbush.

The company, which is based in suburban Boston, says it plans to hire as many as 200 workers there as part of an expansion into the market for so-called "nearshore" IT services.

The market includes U.S. customers who want their technology services or special consulting projects handled by workers in the United States, said Harsha Kumar, a senior vice president with Virtusa who is in charge of opening the new office.

Kumar said that for reasons related to data privacy or regulatory requirements, companies are increasingly seeking alternatives to offshore outsourcing.

The company has hired about 25 local staff and can triple its office space as it grows. The office will serve customers in the Northeast, in cities like Boston, Hartford and New York City.

"There's really a rebalancing going on (in outsourcing)," said Kumar, who is based in New York City. "I'm not suggesting that everything will happen overnight, but I see it as a big positive overall."

Virtusa's top clients are J.P. Morgan Chase and insurer American International Group, both of New York City. The fast-growing company posted $28 million in profit from $333 million in sales revenue during its most recent fiscal year, which ended March 31. That's up from revenues of $277 million and earnings of $20 million in the previous year, and more than double the $12 million it earned just three years ago.

The company notes in federal regulatory filings that 78 percent of its customer work over the past four years was done outside the United States and that the "vast majority" of its 6,900 employees are Indian and Sri Lankan nationals.

A move by the company to using "nearshore" workers would be a shift, but company executives told analysts in May that it was opening new "nearshore" staffing centers in Singapore and in the Albany region to take advantage of a growing trend.

Kris Canekeratne, Virtusa's CEO, told analysts during the conference call that the new centers are designed to increase "client intimacy" and provide services that can only be provided in "close proximity" to customers.

"This center (in North Greenbush) is strategically located to be easily accessible by our clients across the Northeast," Canekeratne said. "Albany is a great location as there are more than 15 colleges and universities in the area, enabling us to source technology talent."